by Guest » Sun Feb 19, 2012 02:50 am
March 2011 my insurance company examined my damaged roof :
line item total - $ 3997.04
sales tax 98.18
total replacement value $4,095.22
less depreciation plus taxes (913.75)
less my deductible (500.00)
net actual cash value paymernt $2,681.47 check was issued to me
January 2012 - Roof was replaced I paid $ 3680.00 the total estimate
the difference between the check issued and what I actually paid is $ 998.53
February 2012 - My insurance company issued a check for $ 498.53 with the following summary:
line total summary $ 3680.00 the amount I paid
less prior payment 2,681.47 amount of check from 2011
less deductible (500.00) already deducted from the first check issued to me
The available amount remaining is $ 913.75. I paid $ 998.53 greater than the $ 2681.47 I received.
line item total - $ 3997.04
sales tax 98.18
total replacement value $4,095.22
less depreciation plus taxes (913.75)
less my deductible (500.00)
net actual cash value paymernt $2,681.47 check was issued to me
January 2012 - Roof was replaced I paid $ 3680.00 the total estimate
the difference between the check issued and what I actually paid is $ 998.53
February 2012 - My insurance company issued a check for $ 498.53 with the following summary:
line total summary $ 3680.00 the amount I paid
less prior payment 2,681.47 amount of check from 2011
less deductible (500.00) already deducted from the first check issued to me
The available amount remaining is $ 913.75. I paid $ 998.53 greater than the $ 2681.47 I received.
Posted: Mon Feb 20, 2012 01:31 pm Post Subject:
Call your insurance company and ask why they factored in the deductible twice for the same claim. That should get you some answers.
About the $998.53 you paid over and above the claim check amount, that is the depreciation+tax+$84.78
Posted: Thu Feb 23, 2012 10:02 pm Post Subject:
line total summary $ 3680.00 the amount I paid
less prior payment 2,681.47 amount of check from 2011
less deductible (500.00) already deducted from the first check issued to me
I'm sure that if you point this fact out to the claims department they will see their accounting error and send you a $500 check for the difference.
Posted: Sat Mar 10, 2012 02:49 am Post Subject: Your Roof Claim
I believe they have paid this claim properly based on the info provided. They adjusted for the replacement cost on the roof to be $3997.04 but you only paid $3680, being that you are not intended to profit from insurance they will be making all payments now based on the $3680 which is what the real replacement cost was. After you take off your deductible and add in the prior payments you should have the $3180 that they owe for the claim.
I hope that helps explain it a bit.
Posted: Tue Mar 13, 2012 11:01 am Post Subject:
Well, Mr/Ms Claim Concepts, you apparently cannot do the math. The claim was paid on the basis of $3181.47, after deducting $913.75 for depreciation, and reduced to $2681.47 as the result of the policy's $500 deductible.
The actual replacement cost was higher than the $3181.47, and the insured is entitled to collect the difference. $3680.00 - $3181.47 = $498.53 is what he is owed by his insurance company.
Posted: Tue Mar 13, 2012 07:02 pm Post Subject:
Mrs. Maxherr,
Look, I adjust claims on a daily basis that are much more complicated than this one and I hope that as an agent and 'educator' you are open to seeing where you are wrong in this case. I think you may have simply missed one payment that he has received in the amount you are advising him is still owed to him. Here is what he wrote and all that honestly matters in the facts of this claim.
"February 2012 - My insurance company issued a check for $ 498.53 with the following summary:
line total summary $ 3680.00 the amount I paid
less prior payment 2,681.47 amount of check from 2011
less deductible (500.00) already deducted from the first check issued to me"
Here you will see:
Actual Replacement Cost of Loss: $3680.00
Minus Deductible: $500.00
Minus Initial Payment: $2681.47
Minus February Payment: $498.53
Equals Amount Still Owed: $0.00
I hope that this helps explain it a bit better. If you question why I answer something the way I do let's please be a bit more professional as you may not know all of the answers.
:D [/quote]
Posted: Tue Mar 13, 2012 10:56 pm Post Subject:
My bad. The math is correct. Yours and mine add up to the same amount. I missed the part that he already received that check.
I stand corrected. $0.00 is the exact balance due today -- as it was when the OP first posted.
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